Apple Inc., the world’s most valuable publicly traded company, continues its impressive rally, reaching a market value close to that of Europe’s largest stock market, France. As of Wednesday’s, December 13th close, Apple’s market value stood at $3.1 trillion, approaching the $3.2 trillion combined market value of companies listed in Paris, according to a Bloomberg index. Apple now surpasses all but the six largest stock markets globally.
This isn’t the first time Apple has exceeded the value of the French stock market; such shifts occurred during last year’s second-half selloff as central banks addressed inflation by raising interest rates. The French stock market, currently at a record high, is driven by luxury goods companies like LVMH and Hermes International SCA. While these stocks experienced a mid-summer pullback, recent weeks have seen a resurgence as evidence of cooling inflation and no imminent recession in the US emerged.
In the US, the same economic conditions have fueled a renewed surge in technology stocks, with Apple surging over 50% in 2023, adding approximately $1 trillion in market value. This marks a significant reversal from October when concerns about revenue growth and sales in China weighed on Apple’s stock.
